BANKING ANALYTICS

Ranking of the Azerbaijani banking sector (ranking includes the information component of the banking sector, the main events of the world economy, the analytical review of the main indices of the banks which are being ranked)

PM: Kazakhstan ready to extend terms of contracts for large deposits

Kazakhstan is ready to extend the terms of contracts for the country's large deposits, Kazakh Prime Minister Serik Akhmetov said on Jan. 27 at an expanded board meeting of the country's Oil and Gas Ministry.

"Kazakhstan can and is ready to consider the possibility of extending the terms of usage of large deposits and terms of contracts concluded on these deposits, for the production of oil in large projects, taking into account a number of key points, one of which is - the increasing of the proportion of Kazakh content," the prime minister said.

Kazakhstan increased its oil and gas condensate production in 2013 to 81.8 million tons, according to Kazakh Oil and Gas Minister, Uzakbay Karabalin.

The minister said 14,296 million tons of oil was processed at three oil refineries of the country in 2013.

Exports of crude oil and gas condensate in Kazakhstan amounted to 72.077 million tons last year, which is five percent more than the figures for 2012, the minister said.

Transportation via the Caspian Pipeline Consortium's system stood at 28.7 million tons, via the Atyrau-Samara pipeline - 15.4 million tons, and through Atasu-Alashankou pipeline - 11.8 million tons.

Some 6.3 million tons of oil was sent via the Aktau port and 856,000 tons of condensate was sent to the Orenburg Gas Processing Plant (GPP). Another nine million tons were sent by railway.

Karabalin said the increasing of the capacity at the Atasu-Alashankou oil pipeline up to 20 million tons in 2013 was one of the important events in the reporting period and this will allow doubling the production capacity at the site.

Kazakh minister also emphasized that a number of important intergovernmental agreements were signed with Russia in December.

Now Kazakhstan has a right to replace the Russian oil for supplying its oil refineries with crude materials, on condition of transferring oil to the Russian side in those quantities and qualities that are provided by the contract.